Since the invention of Bitcoin in 2008, and its launching of an open source client in 2009, the cryptocurrency world has seen tremendous growth. There are at least 1,569 cryptocurrencies as of April 17th, 2018. However, this growth isn’t all that is happening. As billions of dollars pour into the market – with the latest being one of the largest pumps in the history of the Bitcoin market – it is only natural for preying predators to set their eyes upon the big money pool that’s being offered by the crypto world. Digital wallets all around the world have been hacked, even those wallets used by exchanges – which shows that no matter how big and powerful you are, you’re never 100% safe. Starting from Mt. Gox to Binance, users everywhere have reported their losing access to their funds – some were unlucky enough to really lose their funds. The importance of security in digital wallets has never been more relevant.

Although there have been breakthroughs in terms of how digital wallet providers are keeping their users’ money secure, digital crooks can still manage to find a crack that they can exploit. Many has fallen victim, for example, to spoofed links that masquerade as legitimate domains of digital wallet providers. This has led to a bigger need for more advanced security features – and here are some of them to help secure your assets further – all of which are incorporated into our BCMY digital wallet app:

  1. Auto-Lock:

While your phone or device might have been set to auto-lock itself after being left idle for some time, not many apps in it are able to do the same. Suppose you have an urgent meeting call that leads you to immediately lock your phone – and when you’re back from the meeting, you lend it to a friend, forgetting that you haven’t logged out from your wallet. While this is hypothetical, that “friend” (or maybe a stranger who finds your lost phone) can easily access your wallet and transfer your funds away.

This is where an auto-locking feature comes in handy: with any hypothetical scenario, it provides an extra security layer that prevents thieves from stealing your digital assets as easily, as the wallet auto-lock itself when you are away from it.

  1. Data Encryption:

One of the most important elements of a digital wallet is your private key. If this private key is discovered by any other person than you, that individual can hack your wallet.

We encourage you to print your private key and store it someplace safe. However, even if you somehow have missed doing that, a great encryption system can help. Our BCMY wallet can encrypt your data, including your private key, therefore making it harder for any potential security breach that may occur (in spite of our multiple advanced security features). Any criminal who wants to use your private key to gain access to your wallet would first have to decrypt it – if they could even get to it in the first place.

  1. Facial Recognition:

Needless to say, this is one of the most advanced technologies that make it very hard for hackers to steal your money. One would have to do a complicated & expensive plastic surgery to have your face (or some Mission Impossible mask maker).

You can now rest easy knowing that it’s really hard for bad guys to steal your money. It’s you and only you – after the tech has successfully scanned your face – who can access the wallet and all the cryptocurrencies inside.

  1. Multi-Step Login:

A login act is much more than just entering your username and password. We believe we need to give our users more peace of mind. After all, many hacks have happened simply because people entered their usernames and passwords into an impostor’s website. And this is exactly why we have implemented a multi-step login feature.

Instead of entering only usernames and passwords, we require users to enter a special OTP verification code. By having this code sent to users’ email address/mobile numbers that they personally own, only they can act upon it by entering the very same code into their BCMY digital wallet app. This way, even if someone gets knowledge of your username and password, they will still have to figure out the OTP code before being able to access your wallet.

As an extra security measure, we do recommend that you set a different password on your wallet than the one you use for your email.

  1. Session Restriction:

A session restriction restricts the number of people that can login and use an app at the same time. By limiting this number to one, your digital wallet is secured. You will receive a notification when someone else is trying to login.

This innovative system also works hand-in-hand with multi-step login, which promptly pushes the crook to enter the OTP code, making it impossible for him to gain access to the system and run away with your money.

With all the technologies we have implemented above, BCMY has become one of the best and safest wallets that you can trust. The safety of your hard-earned money is our priority.

In general, cybercrime will continue to become more advanced, but so will online security systems. The battle will continue as criminals try to steal people’s money and get away with it, while, at the same time, digital wallet providers are making innovations to make these shady people’s criminal acts harder to achieve. We believe good will always triumph over evil in the end, and we hold true to our belief that we will always continue to make innovations and great technologies to help keep your digital assets safe.


Resources:

https://coinmarketcap.com/

https://cryptoslate.com/smart-money-blasts-small-fry-in-massive-bitcoin-pump/

http://fortune.com/2018/02/14/bitcoin-cryptocurrency-blockchain-wallet-hack/

https://bcmy.io/blog/data-encryption-in-our-decentralized-mobile-wallet/